The price of the most popular Bitcoin briefly exceeded $71,500, which was only $2,000 away from it’s all-time high of 73,737 on March 14, 2024. However, the current price stands at $71,045 after a jump of 4.91% in the past day.
Courtesy: Coinmarketcap
Memecoins have seen the largest gains in the past 24 hours following the suit of Bitcoin, with DOGE, SPX, BRETT, POPCAT, and FLOKI all increasing by more than 10%. DOGE is trading at $0.1661 after a jump of 14.62%. POPCAT is currently exchanging hands at $1.69 after a jump of 16.39% in the past day.
Overall, the global cryptocurrency market cap today is $2.49 Trillion, a +1.84% change in the last 24 hours.
It is worth noting that the sudden surge could also be a reflection of several events that are to come up this week. Significant events lined up in this week ahead include the U.S. election on Nov. 5, Wednesday’s U.S. Gross Domestic Product (GDP) report, and the Federal Open Market Committee (FOMC) meeting set for two days after the election. Therefore, it’s not just Bitcoin that picked up fast, other altcoins and memecoins joined BTC, along the way.
Analysts believe that as the $70,000 mark carries psychological weight, and even a touch below that level, Bitcoin is just 5.3% away from its all-time high of $73.7K, reached on March 14, 2024. As a result, more anticipation is palpable among crypto enthusiasts surrounded by other economic and political factors.